Even outside the areas most vulnerable to the increasing frequency and costs of weather-driven disasters, insurance prices are projected to keep climbing. How to get more affordable home insurance as costs soar:
Emily Ziegler’s children playing at home in Alpine, Calif. on June 11, 2023.
Options continue to shrink for homeowners in California and other catastrophe-prone states, including Louisiana and Florida. Just last month, State Farm, the largest insurer in California, said it would stop writing new homeowners’ policies there, citing the rising cost of rebuilding, increased exposure to catastrophes such as wildfires and the escalating expense of the insurance it buys for itself to offload some financial risk.
Most states have some type of “last resort” option, though the plans vary in design, cost and coverage. A majority of states have so-called FAIR plans, an acronym for Fair Access to Insurance Requirements, which are established by the state but generally backed by private insurers. They provide basic coverage — at a higher cost, in part because they take on the riskiest customers — and homeowners may need to buy supplemental policies to fill in gaps.
In California, a new law requires insurers to provide homeowners with their property’s wildfire risk score when they apply for a policy, and what they can do to lower it. Last year, the Insurance Institute for Business & Home Safety, a research group, introduced the Wildfire Prepared Home designation, which provides a list of actions that can be taken to “harden,” or fortify, a home against wildfires.
Mitigation costs can vary. Replacing a cedar roof with metal, concrete or asphalt may be pricey, but fire-resistant, mesh-covered vents that prevent embers from getting inside the home, for example, can cost just $50 a piece.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Was a Pride Flag Hung Between American Flags at the White House?A corner of social media accused the White House of violating federal guidelines governing American flags with the alleged display.
Read more »
Joe and Jill Biden to host star-studded Juneteenth concert at White HouseThe concert, to be held June 13, will be on the South Lawn of the White House. During the event, the White House says it will “uplift American art forms that sing to the soul of the American experience” as part of Black Music Month.
Read more »
White House hails Biden on Pulse shooting anniversary — even as memorial plans stallPlans to build the permanent memorial at the site were scratched last month when the OnePulse Foundation announced it was unable to reach an agreement with the property’s owners to donate the…
Read more »
White House: US shared concerns with Cuba about hosting China spy baseThe United States has made its concerns known to the Cuban government about Cuba hosting Chinese spy operations on its territory, White House spokesperson John Kirby said on Monday.
Read more »